Right now, the ECB has suggested the QE programs will be limited and that it won't hold onto European state sovereign debt forever. Gartman feels that, if the eurozone is serious about having Greece, Portugal, Italy, and Spain undergo austerity plans, it will have to continue its sovereign debt purchases to support those states.

The result, according to Gartman, will be a continued decline in the euro and a rise in gold vis-a-vis the european currency.